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Lanka’s poverty rate doubled, says World Bank

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Sri Lanka’s ongoing economic crisis is estimated to have doubled the poverty rate from 13.1 percent to 25 percent and it is projected to remain above 25 percent for the next few years due to the multiple risks to households’ livelihoods, the World Bank said in its twice-a-year update on Sri Lanka this week.

“The crisis reversed years of gains in poverty reduction and human capital development,” the update said, noting that the crisis had added an additional 2.5 million poor people.

Vulnerability to income shocks has also increased with many non-poor households living close to the poverty line – 5.7 percent of the population lives less than 10 percent above the poverty line and a further 5.6 percent lives between 10 and 20 percent above it. All these households are highly vulnerable to falling into poverty in the event of a negative income shock, according to the report.

The international financial outfit also projected that the country’s economy would continue to face significant challenges this year and beyond with the country’s economy contracting by 4.3 percent this year, while demand continued to be subdued, job and income losses intensified, and supply-side constraints adversely affected production.

“Growth prospects are subject to high uncertainty and will depend on the progress of debt restructuring with timely and effective implementation of fiscal consolidation, and growth-enhancing structural reforms,” the World Bank said, while pointing out that the country could use this crisis as an opportunity to build a strong and resilient economy.

(Sunday Times)

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‘Sisu Sariya’ bus driver, conductor suspended after student falls

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The National Transport Commission (NTC) has said that an investigation into the recent incident where a student fell from the footboard of a ‘Sisu Sariya’ school bus, has revealed that the accident had resulted from the careless and negligent behaviour of both the driver and the conductor.

Issuing a statement, the NTC noted that, based on the preliminary findings, the Road Passenger Transport Authority of the North Western Province has taken steps to temporarily suspend the services of the driver and conductor involved.

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Govt to approve import of 300,000 MT of maize

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Minister of Agriculture, Livestock, Land and Irrigation – K.D. Lal Kantha has announced that the government has decided to import 300,000 MT of maize.

Speaking to the media after attending a District Development Committee meeting at the Kandy District Secretariat yesterday (July 03), the Minister explained that this decision was taken to prevent traders from artificially inflating maize prices.

He stated that certain large and medium-scale businesses dealing with animal feed have been hoarding maize, buying it from farmers at fair prices and reselling it at much higher rates.

According to the Minister, these traders were trying to push maize prices up to Rs.190-200 per kilogram, which would have driven up the cost of eggs to Rs.200 each and increased meat prices significantly.

The Minister emphasized that while businesses are entitled to make a profit, the government will not allow unfair price manipulation. He also noted that, in the past, even ministers profited from animal products, but those days have ended and racketeers will not be allowed to control the market.

To prevent excessive price drops that could hurt farmers, the Food Security Committee has proposed imposing a tax on imported maize, he said.

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Ex-Minister S.M. Chandrasena arrested

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Former Minister – S.M. Chandrasena has been arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) a short while ago.

Chandrasena had appeared before the CIABOC today (July 04) to record a statement.

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